2018 Federal Budget Review

The Federal Treasurer, Mr Scott Morrison, handed down the governments Federal Budget on the 8th of May 2018.

As tends to happen in a Federal Budget leading up to a Federal Election the purse strings have been loosened with every Australian taxpayer to enjoy a tax cut this coming financial year and every year thereafter for seven years. As always there are winners and losers and we have provided a summary below of the key changes to individuals, business owners and superannuants.

From a small business perspective, the most significant thing to come out of this budget is the extension of the instant asset immediate write-off cap of $20,000 being extended for another 12 months to 30 June 2019. This is a big win for businesses trying to grow and, subsequently helps stimulate the economy and ultimately create more jobs.

From a superannuation perspective trustees of SMSF’s with good compliance history look to be rewarded with the burden of having your SMSF audit annually extended to every three years.

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The Growing Land Tax Quandary

It never ceases to amaze us the number of times a new client will come to our firm where we discover they have a Land Tax liability, yet the client has never even heard of Land Tax. Chances are if you invest in property you know all too well what Land Tax is, how much it costs and the impact it is having on your cash flow and investment return.

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